Earlier this year, Anglo-Australian mining giant Rio Tinto said its chief executive Tom Albanese would forgo his annual bonus.

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Chief executive Tom Albanese stepped down by mutual agreement with the board, Rio Tinto said, and has been replaced by Sam Walsh, chief executive of the miner's iron ore business.

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"We are taking further tough action to roll back the unsustainable cost increases of the past few years and are maintaining a relentless focus on improving productivity, " said Tom Albanese, chief executive of Rio Tinto.

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The deal digs Mr Albanese out of a hole the size of Tom Price, the huge iron-ore complex in the Pilbara region of Western Australia in which Chinalco stands to take a stake.

ECONOMIST: Face value